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Preparing Your Child for University: Part 5
What other costs are there?
Besides tuition fees, you will also have to consider living costs and supplies, such as; books, transportation, accommodation, food, clothing, insurance, entertainment, sport and leisure, and insurance. A computer or laptop will also play a rule in their studies - usually a laptop is the preferred choice due to its portability.
How can I afford to send my child to university?
Saving money in advance and obtaining financial aid (as mentioned previously) are common ways for parents to make their child’s education affordable. Saving money is the primary way to prepare for the costs of university. Setting aside a certain amount every month will help build up a fund for university. If you and your child begin saving early, the amount you have to set aside each month will be smaller.
In addition, your child may also be able to meet some of the costs of university by working during the school year or during the summer. The best place to save the money, would be in a high interest rate - which will return on your investment. Interest rates vary from bank to bank, but internet savings account normally pay greater interest than a current account.
For example, if you start saving when your child is born, you will have 18 years to save. If you saved £32 each and every month in an account earning 4 percent interest, the account would have a balance of just over £10,000 by the time your child is 18. However, if you use the same savings account, but do not start to save until your child is 16, you will have to save £401 each month to reach the same amount.
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